The Senate Banking Committee would shut off the Consumer Financial Protection Bureau’s funding stream from the Federal Reserve to provide the vast majority of deficit reduction in reconciliation provisions released Friday. The panel posted an eight-page text that would restrict the CFPB from requesting a transfer from the Fed, according to a section-by-section explanation of
US charges Kilmar Abrego Garcia with transporting people who were in the country illegally — 4:00 p.m. By the Associated Press Abrego Garcia, whose mistaken deportation to El Salvador became a political flashpoint in the Trump administration’s stepped-up immigration enforcement, was being returned to the United States to face criminal charges related to what the
Illustration: Uli Knörzer for Bloomberg Three years into Russia’s invasion, Sergii Marchenko is courting donors and reassuring investors to ensure his country can continue fighting. June 6, 2025 at 4:00 AM EDT What does it take to run the finances of a country at war? That question is at the heart of this week’s conversation
Driven by strong demand for wealth management and insurance solutions in Asia, OCBC posted record financial results for the third year in a row. The Singapore-based bank reported a net profit of S$7.6 billion (US$5.9 billion) for its 2024 financial year, and total income rose by 7 per cent to S$14.5 billion. Within the year,
In the past decade, the financial landscape witnessed a dramatic transformation driven by two distinct forces: fintech startups and traditional banks. Initially, fintechs emerged as UX-rich but often monofunctional challengers, while banks remained service-rich but struggled with digital customer experience. Today, however, these lines are blurring — fintechs are expanding into full-scale banks, and traditional
Benzinga | Detroit Free Press JPMorgan’s stock traders see record revenue in Q1 JPMorgan Chase’s stock traders took in a record haul in the first quarter as the biggest US bank boosted equities markets revenue 48% to $3.81 billion. Sonali Basak reports on Bloomberg Television. Bloomberg Magnificent 7 tech giants saw gains in May, too,
From Treasuries to Bitcoin, the pursuit of safety is reshaping how investors allocate and exit their capital. Unsplash+ In times of stress, wealth always chases after safety, but in 2025, the definition of “safe” has become much murkier. The investment landscape for high-net-worth (HNW) investors is undergoing a significant transformation, and the definition of safe
Google will invest $7 billion to officially build a data center in Cedar Rapids and expand cloud and artificial intelligence infrastructure in its Council Bluffs complex, more than doubling its existing investment in Iowa. State and city leaders say the May 30 announcement positions Iowa and Cedar Rapids as leaders in delivering AI technology to
Anyone who has attempted to import multiple sets of data into a spreadsheet knows how important it is for shared datasets to have common formatting standards. What’s true for Microsoft Excel is even more true for bank account information. The Consumer Financial Protection Bureau had finalized an open banking rule that would mandate the sharing
The concept of open banking, or financial data sharing between banks and fintechs, comes with a number of security concerns. What if an application programming interface — a tunnel through which data passes from one application to another — is compromised? What if data stored at a fintech or data aggregator gets hacked? The Consumer